At the end of the prior year ending on December 31, Year 1. O'Connor Company's records reflected the following for Machine A: Cost when acquired Accumulated depreciation $ 24,00 8, 2ee At the beginning of January of the current year, the machine was renovated at a cost of $12.500. As a result, the estimated life Increased from five years to eight years, and the residual value Increased from $3,500 to $5,500. The company uses straight-line depreciation. Required: 1. Prepare the Journal entry to record the renovation. 2 How old was the machine at the end of the prior year? 3. Give the adjusting entry at the end of the current year to record straight-line depreciation for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the journal entry to record the renovation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Met Journal entry worksheet 1 Record cost of renovation machine. Note: Enter debits before credits General Journal Debit Credit Date January 01 Record entry Clear entry View general Journal